The Tulsa City Council has approved $16-million to develop land near East 36th Street North and MLK Jr. Boulevard. The city is making it a Tax Increment Finance District (TIF).
The money will be used to create a multi-use building that includes residential units, a hotel and retail space.
The $16-million to help pay for the project will come from taxes, but the entire development comes with a $ 75-million price tag.
Tulsa-based developer Alfresco Group will be in charge of the project when it breaks ground in September of 2021.
The Tulsa Authority for Economic Opportunity will oversee the management of the TIF, which they hope will stimulate private development in that area.
When it is completed, the TIF will return property and sales tax generated by the project back to the project to support development costs and help with project financing.